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Tesla Downgraded As The Street Grows Cautious On Model 3

Analyst at Evercore ISI think the bullish case for owning Tesla IncTSLA has come to an end. The firm's George Galliers downgraded Tesla's stock rating from Outperform to In Line with a price target lowered from $330 to $312.

Tesla's Model 3 sedan happens to be the company's most "important piece" of the bullish, but a cautious view is now warranted, Gallierswrote in the downgrade note. Specifically, it is clear that production of the Model 3 sedan in the third quarter was weaker than expected with 260 units produced as opposed to an original target of slightly more than 1,500 units. Source

There is a breakout of the rising channel. So some downside still holds.